Consolidating your super

Would you pay two insurers to insure your car when you only need one? Most certainly not. However, when it comes to superannuation many people are paying more than one provider to manage superannuation investments. And like doubling up on car insurance, it may be costing them money.

If you have had more than one job and you don't remember transferring the superannuation from that job into your current super fund, chances are you have more than one active super account.  And you wouldn't be alone in this - the average Australian has two or more super accounts.

Having more than one super account means you are being charged more than one set of fees. Some typical fees charged on superannuation include annual member fees, administration fees and investment manager fees.  It's important to know that some funds charge administration fees at a set rate. These fees don't vary even if you have a small account balance, so if you have old super accounts and you are no longer contributing to them, the fees could really start to eat away at your savings.

Rather than double up on fees it makes sense to consolidate all of your superannuation into one account. Saving fees means extra money for you to invest, which can lead to greater savings in retirement.  This move will also take away the hassle of trying to keep track of numerous superannuation accounts.

Consolidating is easy

Once you have found all of your superannuation it is easy to transfer it into your current super account.  With a bit of information from you, the Child Care Super can do the work of consolidating your super - just a few details allow us to talk to your other funds, provide them with your authority to transfer, and move the super across to your Child Care Super account. 

Don't know if you have additional super accounts?

What if you think you might have some super but you're not sure?  If you think you may have additional super accounts but have lost the paperwork, you can use the Australian Taxation Office website to track this money down. Simply go to www.ato.gov.au and use the SuperSeeker in their "For superannuation" section to find out if you have unclaimed super.

Don't wait

If you need to consolidate your super it is important that you don't delay.  Every day is costing you money that would be better spent in retirement. To start the consolidation process complete the Rollover Form. Find out more about increasing your super benefit in Maximising your super or contact your Superannuation Consultant on 1800 060 215.